XRP Price Prediction: Downward risks intensify after breaking the key support at $3, with the next target at $2.74?

This article provides the latest technical analysis of XRP market trends. After failing to hold the resistance area of $3.05, the XRP price has continued to weaken, currently breaking below the psychological level of $3.00 and the 100-hour moving average, forming a bearish trend line. We will delve into its key support and resistance levels, the signals from the MACD and RSI technical indicators, and assess XRP price predictions and potential downside risks for investors.

Current Price Status: Establishing a Bearish Trend and Breaking Key Support

After the XRP price failed to effectively break through the 3.12 USD mark, it entered a bearish zone along with Bitcoin and Ethereum. The price continued to decline, consecutively losing the two key support levels of 3.02 USD and 3.00 USD, even dropping to a low of 2.85 USD at one point. Currently, the price is consolidating within the downtrend range from the high of 3.095 USD to the low of 2.850 USD, trading below 3.00 USD and the 100-hour simple moving average, with bears dominating.

Upward resistance: The rebound faces numerous challenges

Currently, the initial resistance level for the price is around $2.90. The primary significant resistance level is around $2.92. To alleviate the current bearish pressure, the price must clearly break through this resistance level, after which it may challenge the $3.00 mark (which coincides with a bearish trend line on the hourly chart and the 50% Fibonacci retracement level). If it can break through further, the price may then aim for resistance levels of $3.05 or even $3.12. However, under the current bearish momentum, breaking through the resistance level is quite challenging.

Downside Risks: Key Support Level Under Pressure

If the XRP price cannot successfully break through the 2.92 USD resistance zone, it may open up a new round of falls. The initial support is located near the recent low of 2.85 USD. The major support that follows is at 2.80 USD. If the bearish forces intensify, leading the price to effectively fall below and close under 2.80 USD, it may trigger a deeper correction, further probing the 2.74 USD support area. Once the 2.72 USD level is lost, a larger-scale decline may be faced, and the investment risk for XRP will further increase.

Technical Indicator Interpretation: Bearish Momentum Strengthens

Hourly MACD: The MACD indicator for XRP/USD is currently in the bearish zone, and the downward momentum is accelerating, indicating strong selling pressure. Hourly RSI (Relative Strength Index): The RSI has now fallen below the 50 midline, confirming the current bearish momentum in the market. Main support levels: $2.850, $2.740. Main resistance levels: $2.920, $3.000.

Conclusion

From a comprehensive technical analysis perspective, XRP's price is trending bearish in the short term, trading below all key moving averages and with technical indicators appearing bearish. The resistance level at $2.92 is the focal point of contention between bulls and bears, and whether it can be broken will determine the direction of the market. If it falls below $2.85 and further loses support at $2.80, it may dive deeper into the $2.74-$2.72 range. Investors should closely monitor the battles at these key technical levels, strictly control risks, and act cautiously.